Pressure Vessel Market Size, Share and Trends Forecast 2025-2033

Market Overview:

The Pressure Vessel Market is experiencing steady expansion, driven by Rising Energy Demand, Growing Chemical and Petrochemical Industry, and Expansion of the Oil and Gas Sector. According to IMARC Group's latest research publication, "Pressure Vessel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2025-2033", The global pressure vessel market size was valued at USD 25.35 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 35.32 Billion by 2033, exhibiting a CAGR of 3.57% from 2025-2033.

This detailed analysis primarily encompasses industry size, business trends, market share, key growth factors, and regional forecasts. The report offers a comprehensive overview and integrates research findings, market assessments, and data from different sources. It also includes pivotal market dynamics like drivers and challenges, while also highlighting growth opportunities, financial insights, technological improvements, emerging trends, and innovations. Besides this, the report provides regional market evaluation, along with a competitive landscape analysis.

Download a sample PDF of this report: https://www.imarcgroup.com/pressure-vessel-market/requestsample

Our Report Includes:

• Market Dynamics
• Market Trends and Outlook
• Competitive Analysis
• Industry Segmentation
• Strategic Recommendations

Growth Factors in the Pressure Vessel Market Industry:

• Rising Energy Demand

The rising global energy demand, particularly in emerging economies, is a significant pressure vessel market trends. For example, global energy demand rose 2.9% in 2018, and if current trends continue, global energy consumption would rise 30% to 740 million terajoules by 2040. Pressure vessels are essential components in industries, such as oil and gas, chemical, and power generation, which are expanding to meet energy needs. One major driver in the pressure vessel market is the growing demand for energy, particularly from emerging economies. As countries invest in expanding their power generation capacities especially nuclear, oil & gas, and thermal sectors the need for high-performance pressure vessels rises. These vessels are critical for safely containing gases and liquids under high pressure. Additionally, stricter industrial safety regulations and the global push for cleaner energy sources further accelerate their adoption. This trend is reinforced by advancements in material technology, which enable the production of more efficient and durable pressure vessels, supporting their integration into complex energy systems worldwide.

• Growing Chemical and Petrochemical Industry

One of the main drivers of the industry's expansion is the growing petrochemicals sector. For example, the worldwide petrochemicals market was valued at USD 645.7 billion in 2024, according to IMARC. By 2033, the IMARC Group projects that the market will have grown to USD 971.2 billion. Pressure vessels are crucial in handling corrosive or volatile substances safely at elevated temperatures and pressures, driving significant demand from this industry. These factors further positively influence the pressure vessel market forecast.

• Expansion of the Oil and Gas Sector

One of the main drivers propelling the market's growth is the expansion of the oil and gas industry. The India Brand Equity Foundation, for example, projects that by 2045, India's oil consumption will have doubled to 11 million barrels per day. Also, crude oil imports climbed by 5.7% and 0.9% in January 2024 and April-January 2023-24, respectively, compared to the same period last year. The development of advanced materials for handling harsh conditions in the oil and gas sector significantly boosts the manufacturing of durable pressure vessels. Increased exploration and production activities, particularly in offshore and unconventional resources, also drive the market demand, thereby boosting the pressure vessel market revenue.

Key Trends in the Pressure Vessel Market:

• Infrastructure Modernization and Replacement

The U.S. plays a pivotal role in the global pressure vessel market, driven by its advanced industrial base and strong footprint in power generation, chemical processing, and oil & gas sectors. A major contributor is the country's commitment to modernizing its aging energy infrastructure. According to the U.S. Department of Energy's 2025 Infrastructure Funding Progress Update, over $170 billion has been committed through the Bipartisan Infrastructure Law and Inflation Reduction Act to support clean energy and grid resilience, including 67 GW of added capacity and 4,375 miles of new transmission lines by 2031. This large-scale investment fuels demand for high-performance pressure vessels. Moreover, strict regulations from ASME and OSHA, along with U.S. leadership in material innovations, ensure durable and efficient vessel deployment across industries.

• Technological Advancements in Materials and Design

Advancements in material technology and design are enhancing vessel durability and efficiency, making them more suitable for modern applications. The development of advanced materials such as composites and high-strength alloys can enhance the performance, durability, and safety of pressure vessels, opening new market opportunities. Ongoing technological advancements in materials and design are enhancing vessel durability and efficiency, making them more suitable for modern applications and supporting their wider adoption across various industrial sectors.

• Safety and Regulatory Compliance

The market is experiencing strong growth due to rising global energy demand, driven by rapid industrialization and urbanization. As more countries expand their infrastructure, the need for efficient energy systems increases. Additionally, the chemical and petrochemical industries are growing, requiring high-performance pressure vessels for safe and reliable operations. Stricter industrial safety regulations and the global push for cleaner energy sources further accelerate the adoption of advanced pressure vessels across various sectors.

We explore the factors propelling the pressure vessel market growth, including technological advancements, consumer behaviors, and regulatory changes.

Leading Companies Operating in the Global Pressure Vessel Industry:

• Abbott & Co (Newark) Ltd.
• Alloy Products Corp.
• Babcock & Wilcox Enterprises Inc.
• Bharat Heavy Electricals Limited
• Doosan Heavy Industries & Construction
• GEA Group Aktiengesellschaft
• Halvorsen Company
• IHI Corporation
• Larsen & Toubro Limited
• Mitsubishi Power Ltd.
• Pressure Vessels (India)
• Samuel Son & Co.

Pressure Vessel Market Report Segmentation:

Breakup by Material:

• Hastelloy
• Titanium
• Nickel and Nickel Alloys
• Tantalum
• Steel (Stainless Steel, Duplex Steel, Carbon Steel, Super Duplex Steel, Others)
• Others

Steel exhibited a clear dominance in the market due to favorable market conditions and strong consumer demand.

Breakup by Product:

• Boiler
• Nuclear Reactor
• Separator
• Others

Boiler exhibited a clear dominance in the market due to favorable market conditions and strong consumer demand.

Breakup by End Use:

• Chemicals and Petrochemicals
• Oil and Gas
• Power Generation
• Others

Chemicals and Petrochemicals exhibited a clear dominance in the market due to favorable market conditions and strong consumer demand.

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific dominated the global market due to abundant resources, favorable government initiatives, and well-established infrastructure.

Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations.

About Us:

IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

Contact Us:

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA

Email: sales@imarcgroup.com

Tel No:(D) +91 120 433 0800

United States:+1-201-971-6302